Cannabis stocks, like Canopy Growth (CGC) are getting fired up. All after President Biden lit a fuse, taking executive action to change U.S. policy on the drug, pardoning all prior federal offenses of simple cannabis possession.
Biden also asked federal officials to start a review process of how marijuana is “scheduled”, or classified, under federal law. Presently it falls under the same classification as heroin and LSD and in a higher classification than fentanyl and methamphetamine, as noted by Reuters.
“Today represents action from the Administration that we have been waiting for – an acknowledgement that cannabis prohibition has failed and that too many lives have been significantly impacted as a result,” David Culver, vice president of govt. relations Canopy, said, as quoted by CNBC.
CGC last traded at $3.75 on a volume spike to 37.5 million shares, as compared to daily average volume of 11.6 million shares.